More than half of Americans likely to buy a home in next 5 years – survey

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More than half of Americans say they are likely to buy a home in the next five years, according to a new report.

A survey conducted for the 2015 BMO Harris Bank Homebuyers Report found that 52% of Americans say they’re likely to purchase a home in that timeframe. Survey respondents said they were willing to pay an average of $296,000 for a home and an average down payment of 21%.

The report also found that 78% of prospective homebuyers planned to get preapproved before they started looking seriously for a home – a wise step. According to BMO Harris Bank’s group head for U.S. and retail business banking, Alex Dousmanis-Curtis.

“Getting preapproved helps buyers understand their budget as they start their home search,” Dousmanis-Curtis said. “That means estimating monthly mortgage payments and how much you can borrow.”

The report also found that nearly three-quarters of prospective homebuyers would consult a real estate agent. Fifty-nine percent said they would check out real estate website, while 37% said they would also ask friends and family for recommendations.

Among those who already owned a home, 63% spet less than six months looking before making a purchase, and 8% bought their home without actively searching – or perhaps even planning to buy at all – because a property caught their eye.